Do you have weird ideas about money?
If I accumulate a lot of wealth does that mean someone else has to lose a lot of money.
If I stockpile money am I keeping it from you?
If I spend it faster than I earn it does that help or hurt you?
If I owe money does that mean I am a bad person?
If I donate money does that mean I am a good person?
If we all become super savers will the economy crash?
Can we all be wealthy?
Money is a tool. It is not good or bad. Wealthy people are not inherently good or bad. They are just people who have managed to accumulate, inherit or steal a lot of money.
This blog is all about my pursuit of health, wealth and happiness. When I first started writing this blog some of my friends expressed concern that my pursuit of wealth sounded greedy or simply not discusssed in mixed company. I do not apologize for my pursuit of wealth; even if it makes some of you uncomfortable. Repeat after me “I am a magnet for money, an abundance of money routinely comes to me in expected and unexpected ways”!
Money is in the same category as sex and religion. One of those topics that simply isn’t discussed. But if we don’t talk about it how can we learn? How can we grow? How can we change our minds? How can we change our behavior? How can we support people who want to stop spending more than they earn ? How can we help others ignite their desire to retire early so they can go explore or better yet save the world?
I have always had strong opinions about money and like pretty much everything else in my life, I have flip flopped on the issue as I have grown older. I would make a lousy politician! When I was in college, I wanted to work with people doing good deeds. I can remember thinking I didn’t care that I would not earn a lot of money. Fast forward ten years and I cared a lot about how much money I earned and the fact that I wasn’t saving more than a pittance. I decided to return to graduate school and find a way to work with people doing good deeds AND earning a decent salary.
Pursuing wealth is not simply the desire to have money. It is the desire to have security, to have freedom. For me, the pursuit of wealth includes paying my bills, saving for retirement, taking care of my current and future needs. It includes donating to causes I believe in. It does not include buying a yacht or spending friviously on luxury items in order to elevate my status. Trust me, I could care less about my status! Pursuing wealth means I have saved my money and minimized my expenses which allowed me to escape from the typical 9-5 grind.
As of September 2019, the Personal Savings Rate in the United States is 8.3%. I don’t know how meaningful this statistic is and a lot depends on what people do with the money they have saved. But 8.3% doesn’t sound ike much money.
Personal Savings Rate is “Income left over after people spend money and pay taxes is personal saving. The personal saving rate is the percentage of their disposable income that people save. This rate is followed to learn about Americans’ financial health and to help predict consumer behavior and economic growth.”
Bureau of Economic Analysis
I never had credit card debt but I did bower money for college, graduate school, and cars. When I decided to shake up my life by quitting my job, moving back to the Finger Lakes and taking the summer off; I began paying off this debt like a crazy woman. Once the debt balance hit the Big Zero, the money that would have gone to debt repayment started to be saved. During this time period, I changed my relationship with money and that changed my life.
I would estimate my personal savings rate is at least 35%. I don’t earn a lot of money but I still manage to max out my IRA, my HSA, and contribute money to non-retirement accounts. I have a healthy emergency fund and money set aside for specific costs such as car repairs/purchase, vet bills, cottage bills, vacation fund etc.
I still worry about money. I still get nervous that I am wasting the opportunity to save more by not working full time in my chosen field where I could earn quite a bit more money. If I did that I would have less money angst but a hell of a lot more emotional and social angst! I’m going to keep doing things my way. “I am a magnet for money…” How about you?
More posts about choosing wealth can be found here and here!
Happily pursuing wealth (my way) in My Little Blue Kayak!
Lake Girl
